5555 SW 160th Ave, Beaverton OR – New To The Market

Spring is right around the corner and it’s the time of year that we begin to see activity in the real estate market start to build. Real estate in Portland Oregon is seeing life! As the year progresses, inventory of available home will typically build and as time passes, there are more and more homes for buyers to choose from.

It seems that with all of the Short Sales and Bank Owned properties, that few homes really “stand out”. Well, this is one of those “stand out” homes!

5555 SW 160th Avenue in Beaverton Oregon is a gorgeous, remodeled home located near Cooper Mountain. The home is a one level, Ranch style property that is 1,828 square feet. The home has 3 large Bedrooms and 2 nicely remodeled Baths! One level living always carries a high demand and the properties that stand out like this one does tend to go quickly!

The Kitchen includes a custom cabinet package with a cherry stain with storage space that you typically need to go to a larger home to get. There is an amazing amount of counter space, all done is a dark granite that helps in amplifing the rich color of the cabinets. The stove is a stainless steel, 6-burner gas unit and is Frigidaire’s Professional Series model! A stainless undermount sink, custom lighting and large skylight further round out the ammenites this “cooks” Kitchen provides. These are items not usually found in this price range.

The Bathrooms have been remodeled as well and enjoy slate floors and custom tile work. This photo is the Master Bedroom Bath and is a great example of the quality found thru out this home. Again, you typically need to move up to a more expensive property to find these types of finishes!

Homes like this one, built in the mid-70s will usually have modest sized rooms. This home is the total opposite as these rooms are all large! The Living Room is sunken and has a vaulted ceiling that adds to the feeling of expansiveness! A cozy, wood burning fireplace for that cool evening ambiance.

The Family Room is also HUGE and is surrounded by large windows that allow lots of natural light to enter. A custom Bar makes this a great space for entertaining whether its a quiet evening at home with friends or possibly that once a year, exciting Super Bowl party!

The backyard is what becomes the final selling feature of this outstanding property. After walking thru the home and seeing all the amazing features, you step out onto the back deck into what is a true OASIS! This property has a truly amazing, fenced and private backyard! Expansive Deck, Custom Water Feature with 2- waterfalls and private Hot Tub area make the rear of this home, the place to hang out!

The offer price on this home is a shocking $265,000 and is unmatched by other available properties! Yes, This is Beaverton Oregon at its finest and you won’t go wrong here. There are additional photographs at my website at SteveSchwabGroup.com as well as a virtual tour.

Portland Oregon is Affordable

Recent affordability statistics for Portland Oregon indicate that more people can afford to buy a home  here than have been able to in quite some time, according to the National Association of Realtors (NAR).  

Affordability according to a formula from the National Association of Realtors, buying a house in the Portland metro area is affordable for a family earning the median income. A family earning the median income ($71,200 in 2010, per HUD) can afford 155% of a monthly mortgage payment on a median priced home ($240,000 in September, 2010). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 4.35% (per Freddie Mac).

So, what does this mean to a decision to buy? Well, if the goal is to invest in a home in the near future, then now is the time to pull the trigger. Why? Interest rate increases will clearly impact affordability as they rise and they are already moving up slightly. A 30 year rate today is in the range of 4.75%, just under a half point higher than when the above affordability graph was calculated. Rates are expected to climb close to 5.5% over the coming year, despite the Federal Reserve’s continued buying of Treasuries. The  Fed’s plan to purchase $600 billion in Treasuries by June hasn’t had the full effect that was expected. The 30 year fixed rate climbed from an average of 4.17% in mid-November to 4.77% now. It is safe to say that rates would most likely be higher today had the Fed not acted. However, simply put, more home can be purchased at an interest rate of 4.77% than at 5.5%. To get a feel for home prices today in the Greater Portland Area, go to SearchHomesPortland.com

Portland Oregon Metro Real Estate Statistics

The real estate market in the greater Portland Oregon area continues to churn. I wouldn’t call it highly active but it is moving. Given that interest rates are in the range of 4.25% for a 30 year fixed rate I would expect it to be even more active than it is. Clearly the economic conditions we continue to battle with are limiting some of the buying and sellin activity.

Following are some overall statistics for the Greater Portland area for July, 2010:

Single Family Residential

• 52% of homes sold were 3 bedroom with an average price of $256,738
• 40% closed in 30 days or less
• 18% closed in 121 days or more.
• 47% of the buyers used conventional financing
• 23% of the buyers used FHA financing
• Closings were down from the previous month by 30% (1,282 vs. 1,826)
• Total dollar volume for residential property increased by mor e than $148M from June 2010

 

Condominiums

• 13% sold were in the $200,000 – $250,000 range with an average sales price of $239,631
• 27% closed in 121 days or more
• 36% closed in 30 days or less
• 41% of the buyers used conventional financing
• 10% of the buyers used FHA financing
• Closings were down from the previous month by 36% (135 vs. 210)
• Total dollar volume for condos decreased by more than $20M from June 2010

Statistics provided by RMLS, Home Sales Report, July 2010

Washington County Real Estate Statistics – July 2010

Highlights for Single Family Residential Homes and Condominiums for Washington County in Oregon.This would include Beaverton, Tigard, Hillsboro and parts of Southwest Portland.

Single Family Residential

• 47% of homes were 3 bedrooms – average price (3 bedroom) $249,561
• 37% closed in 30 days or less
• 18% closed in 121 days or more
• 52% of buyers used conventional financing
• 22% of buyers used FHA financing
• Closings decreased from last month by a little more than 34% (361 vs. 548)
• Total dollar volume of residential properties decreased more than $52M from last month

Condominiums

• 15% sold were in the $140,000 to $160,000 range with an average sales price of $149,882
• 12% closed in 30 days or less
• 29% closed in 121 days or more
• 38% of buyers used conventional financing
• 21% of buyers used FHA financing. This is interesting because it can be difficult to get FHA financing on a condominium.
• Closings decreased from last month by a little more than 37% (34 vs. 54)
• Total dollar volume for condominiums decreased by a little more than $3.5M from last month

* Statistics provided by RMLS Home Sales Report for July, 2010

Summer Has Finally Arrived in Portland, and Real Estate is on the Rise!

Summer has finally made its appearance here in the Rose City, and Real Estate has followed with improving sales of existing homes, and continued low interest rates. Existing-home sales got a boost in April with reported 7.6 percent increase in units sold, according to a report by the National Association of REALTORS (NAR). A number of factors played into the increase, including low interest rates, increased consumer confidence, and the expiring tax credit. Existing-home sales are on pace to reach 5.77 million units sold for 2010, which is 22 percent higher than the 4.70 million unit pace set one year ago.

Lawrence Yun, NAR chief economist, expected the increase. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”

First time buyers accounted for 49 percent of April’s market activity, while repeat buyers accounted for 36 percent of transactions; the remaining sales were attributed to investors. All-cash sales held steady at 26 percent, compared to 27 percent the month before.

Distressed home sales were down 2 percent in April, accounting for 33 percent of reported sales. NAR President Vicki Cox Golder explains that buyers are still active, despite the expired tax credit. “It looks like the level of home sales that close in May and June will stay elevated, but many buyers remain in the market even without the tax credit,” she said. Freddie Mac reported 30-year, conventional, fixed rate mortgages were up slightly at 5.10 percent, compared to 4.97 percent in March.

Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation – just honest advice on how to get top dollar for your home!

Latest Market Trends for Portland, Oregon

Real Estate is slowly on the uprise here in the Metro Area. On a national level, as expected, the National Association of Realtors (NAR) reported a decline in existing home sales at the end of 2009, as first time buyers rushed to beat the tax credit deadline and close their transactions by November 30. Although Existing home sales fell by 16.7 percent in December, sales remained brisk enough to break the 5 million unit mark, bringing total the number of existing homes sales up to 5,156,000 for all of 2009. The 2009 sales figures were almost 5 percent higher than the year before, creating first year-over-year sales gain since 2005.

Chief NAR economist Lawrence Yun remains cautiously optimistic about the national housing market. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. ‘We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

Historically low interest rates and the extended federal tax credit have helped millions of buyers take advantage of one of the best buyers markets in history. Market conditions have improved considerably with the help of these stabilizing forces. Expect to see continued market activity through the winter and spring as savvy buyers take advantage of the extended $8,000 tax credit. Freddie Mac reports that 30 year conventional loans available in the high-4 to low-5 percent range.

For me personally, I have definitely seen a lot of activity with buyer’s in the last month pick up, and have been very busy. It’s definitely a great time to buy with the tax credit extended to April 30th, and rates so low. The local market trends are all pointing to a busy Spring and Summer season for real estate.

With the New Year, Existing Home Sales are on the Rise Again

First-time buyers rushed to purchase homes in November, providing an extra boost for housing markets across the country. According to the National Association of REALTORS (NAR), existing homes sales — including single family, condominiums, townhomes and co-ops — were up 7.4 percent to an adjusted annual rate of 6.54 million units for 2009. NAR also reported that 51 percent of November home purchases were made by first time buyers, up from 50 percent reported in October.

NAR chief economist Lawrence Yun sees more activity on the horizon. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

Mortgage backer Freddie Mac reported an average commitment rate for a 30-year, conventional, fixed-rate mortgage of 4.88 percent in November. This is down from over 6 percent in November 2008, and is the second lowest interest rate on record since the reaching 4.81 percent in April 2009.

Congress Extends Tax Credit

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. First time buyers, who haven’t owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home’s purchase price, up to a maximum of $8,000. Current homeowners, who are vacating a principle residence that they have lived in for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home’s purchase price, up to maximum of $6,500.

The following conditions apply:

• The tax credit is only awarded on homes purchased for $800,000, or less
• Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
• Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.
• Under the rules, as long as a written binding purchase contract is in effect on April 30, 2010, the buyer has until July 1, 2010 to close.

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don’t let this opportunity pass you by!